Neco Model Questions Vol1 2022 Government Question 46

Practice objective / multiple choice question 46 from the 2022 Neco Model Questions Vol1 Government examination.

Neco Model Questions Vol1 2022 Government Objective / Multiple Choice Hard Difficulty
Question 46 NECO_MODEL_QUESTIONS_VOL1 • 2022 • GOVERNMENT • objective

Nigeria's original tariff on imported cars is a percentage \(x\%\). A first trade agreement reduces the tariff by \(30\%\) of the original rate and adds a fixed surcharge of \(2\%\). A second agreement later removes the surcharge and reduces the remaining tariff by \(20\%\) of the original rate, leaving a final tariff of \(12\%\). (a) Determine the original tariff rate \(x\). (b) If the annual value of imported cars is ₦5 billion, calculate the percentage change in tariff revenue after the two agreements.

Answer Options

Correct Answer A. Original tariff = 24%; revenue decreased by 50%
B. Original tariff = 30%; revenue decreased by 40%
C. Original tariff = 20%; revenue decreased by 60%
D. Original tariff = 28%; revenue decreased by 45%
Correct Answer
A
Correct Option:
Original tariff = 24%; revenue decreased by 50%

About This Question

This is Neco Model Questions Vol1 2022 Government Question 46. It is one of the objective questions from the 2022 Neco Model Questions Vol1 Government examination.

Difficulty level: Hard .

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